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Question 4 40 pts 75% $450,000 Proceed Company acquired of the common stock of Stop Company on January 1, year one, for The consideration given was proportional to Stop's fair value. On that date, Stop had the following trial balance: account debit credit Additional paid in capital $100,000 Building (12-year life) $250,000 Common stock 170,000 Current assets 170,000 Equipment (6-yr life) 160,000 Land 110,000 Liabilities (due in 4 years) 300,000 Retained earnings 1/year 1 120,000 Totals $690,000 $690,000 $50,000 $30,000 $80,000 $40,000 During year one, Stop reported net income of During year one, Stop paid dividends of During year two, Stop reported net income of During year two, Stop paid dividends of On January 1, year one, fair values of certain Stop's account were: Land $122,000 Building $262.000 Equipment $172,000 There was no impairment of any goodwill arising from the acquisition Please indicate clearly which method you choose for Proceed to use to account for its acquisition of Stop Company. Parta. Use the data for the Proceed Company acquisition of the Stop Company to prepare the consolidation entries for December 31 of year one. For clarity, use the entry labels like S, A, I and so on. Part b. Use the data for the Proceed Company acquisition of the Stop Company to prepare the consolidation entries for December 31 of year two